VeChain Update: Mainnet v1.0.2 Released, People’s Insurance Company of China to Use VeChain

The VeChain project has made 2 strides forward this week. First, the project released version 1.0.2 of their Thor mainnet, which brings several improvements to the protocol. Second, Chinese insurance giant People’s Insurance Company of China (PICC) has announced a partnership with VeChain and long-associated collaborator of VeChain, DNV GL.

Mainnet Version 1.0.2 Released

Announced via Twitter, the update introduces several improvements, including new features, bug fixes, and overall performance improvements. Among other changes, customized gas limits are now possible, as is subscription support for new blocks, events, and transfers that can be made through a WebSocket request. Synchronization has also been optimized, as the team has tweaked P2P parameters.

VeChain successfully launched their Thor mainnet in late June, in contrast to the multiple problematic launches that occurred around the same time (EOS being a notable example). Very well aware of the damage that security flaws could bring to their reputation, VeChain employed over 100 third-party auditors and security experts to review the code.

The launch was soon followed by the release of the VeChainThor mobile wallet, which is available on Android and iOS. The wallet supports the newer VET tokens.

The VeChain mobile wallet

People’s Insurance Company of China Partners with VeChain an DNV GL

VeChain’s work on the project appears to be paying off, with their list of partners growing by the month. September sees VeChain and DNV GL working with the People’s Insurance Company of China (PICC) to integrate blockchain technology into their business.

People's Insurance Company of China (PICC), one of the largest insurer globally with $126 billion total assets, is opting to embrace blockchain technology with the help of DNV GL and VeChain. https://t.co/2CyZsybRvm

Insurance has long been touted as one of industries for which blockchain technology is particularly suited.

The extensive documentation and verification processes involved in the industry can be made fraud-resistant and streamlined with immutable ledgers. Unreliable data and inefficient legacy systems are primed to be replaced by a ledger that offers stakeholders a single incorruptible source of data that can automatically execute relevant actions with the aid of smart contracts.

Fraud reduction, KYC compliance, and increased turnaround time is precisely what PICC hopes to achieve with blockchain technology. VeChain co-founder Sunny Lu is excited about the collaboration, saying:

Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL.

The role DNV GL plays is to ensure data integrity from the business operation perspective. In conjunction with VeChainThor Platform, we will provide a robust digital trust platform to assist PICC with enhanced data management and efficient data processing.

Like DNV GL, PICC is a remarkable partner for VeChain, being one of the world’s largest insurance issuers with assets totaling over $126 billion.

This caps off an excellent week for VeChain, which is steadily growing a network in several industries. As more enterprises latch onto their blockchain network to make business operations more efficient, VeChain’s network will be only be scrutinized more.

If the team keeps their heads down and continually makes improvement, they can make some real in-roads and establish a permanent presence in the market.

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About Abhimanyu Krishnan

Abhimanyu is an engineer on paper but a writer by living. To him, the most celebratory aspect of blockchain technology is its democratic nature. While he’s hodling, he can be found reading a good book or making the local dogs howl with the sound of his guitar playing.

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